What are NFTs?

Your Crypto Boss
3 min readFeb 19, 2021

🤔What are NFTs?🤔
‼️Non Fungible Tokens (NFTs) — are the distinctive crypto assets that carry unique information and are non-interchangeable and indivisible. In essence, the uniqueness of the data stored inside the NFTs makes them non-interchangeable. Moreover, a user can not share a portion of their NFT with someone else over the blockchain network due to its indivisibility feature. NFTs are based on several protocol standards, however, ERC-721 is the first among them all and the most popular one.‼️

Why do we need NFT tokens?
🔹 With the help of NFT tokens, developers have solved the problem of securing ownership of digital objects. Let’s consider a game, for example. When purchasing a new weapon for a character, the user couldn’t be 100% sure that the new attribute would stay with them forever, in its unchanged form.

🔹The fact is that the developers, using their position, can make adjustments, to change, to replace and even remove game items. In this case, if the weapon was tokenized in NFT-format, the player can be sure that his ownership is confirmed, and there is no risk to the item.

🔹All information about the owner and their tokenisation is secured on the blockchain. It’s impossible to replace the data, or erase the information. This is made possible by a feature of the technology.

Where NFT tokens are used?
🔹 The main use of these tokens has been in the gaming industry. However, NFTs can also be used in other fields. For example, in real estate, or in art ( in order to prove the unique property rights of the original object.)

🔹According to the Nonfungible platform, by September 1, 2020, all NFT tokens in the market are distributed as follows:

41% — gaming industry;

29% — collectibles;
13% — real estate;

7% — collectible card games;

6% — domain names (yes, some are willing to retain ownership of unique domain names by all means);

4% — art (images, music and even videos can also be protected by copyright recorded on NFT).

🔹The main use of these tokens has been in the gaming industry. However, NFT can also be used in other fields…

Your Crypto Boss

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